One of the most respected names in the chain drugstore industry recently agreed to pass off its assets to a much larger corporation.

Walgreens announced last week it will acquire assets from Kerr Drug, a company which has serviced North Carolina since its inception in 1951 and has 76 stores across the state. There are two Kerr Drug stores in the area; one in Kinston and the other in Snow Hill.

“Kerr Drug’s strategy and core principles have always been focused on its unique ability to provide patients access to the most comprehensive and convenient health and wellness offering in the industry,” Anthony Civello, Kerr Drug chairman, president and CEO, said in a press release. “Walgreens is the perfect partner to continue this journey as a patient-oriented company dedicated to expanding the role of the pharmacist as an integral part of health care.”

Financial terms of the agreement have not been disclosed. In 2012, Kerr Drug reported total sales of $381 million.

Walgreens posted sales of $72 billion and has more than 8,100 stores across the nation, along with 700 locations from its subsidiary, Take Care Health Systems.

“The Kerr Drug retail drugstores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies,” Walgreens President and CEO Greg Wasson said. “We are closely aligned on the important task of expanding the health care role that community pharmacists can have with their patients, and we share the common goal of stepping out of the traditional drugstore format to create a new experience for our customers.”

The acquisitions are expected to be finalized by the end of the year. Until then, Walgreens and Kerr Drug will operate as separate entities. Afterwards, Kerr Drug will continue to operate under its current brand, but decisions will be made on how Walgreens can best utilize its new assets.

The ownership change to Kerr Drug won’t affect some local citizens. Rodney Lobic, who works at an auto parts store in Snow Hill, said the Kerr Drug store next door is conveniently located to his job.

“The change won't make me go anywhere else,” Lobic said.

Snow Hill resident Peggy Blount shared similar sentiments. Blount said she had been visiting Kerr Drug almost daily for 10 years and didn’t see a need to make a change.

“It wouldn’t affect me,” Blount said. “I like it here. As long as I have people who are as good and kind to me, it doesn’t matter who is running the building.”

Junious Smith III can be reached at 252-559-1077 and Junious.Smith@Kinston.com. Follow him on Twitter at @JuniousSmithIII.